INCOME TAX FOR FY 2024-25
NOW, THE NEW REGIME IS MORE COMPETITIVE IN FY 2024-25
Dated 24.09.2024: FM modified income tax rates under the new tax regime for the FY 2024-25 in favour of taxpayers and extended standard deductions to those who opt for the new regime.
With income tax rates under the new tax regime modified in FY 2024-25 in favor of taxpayers, it has become competitive with the old tax regime. Now rebate under section 87A is available up to Rs 7.00 lakhs in the new regime. The standard deduction is increased to Rs.75,000 in the new regime.
Further benefits under sec 87A are available up to rs 7.00 lakhs in the new regime while the limit continues to be Rs 5.00 lakhs in the old regime. Thus the new regime has become competitive to the old tax regime with various rebates available there.
To know income tax rates for both the old and new tax regime , continue with
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